Jakarta - The cement producer of Merah Putih Brand, PT Cemindo Gemilang Tbk, has set an initial public offering (IPO) price of Rp680 per share.

Based on a brief prospectus published on Wednesday (1/9), in this corporate action, the company released 1.71 billion shares or representing 10.04% of the total issued capital.

The company is estimated to receive funds from the IPO of around Rp1.16 trillion.

Of the proceeds from the IPO, the company plans to use around 54% for working capital expenditures, approximately 17% for repayment of part of the debt from the syndicated loan, around 11% for payment of an amount of its debt to Sinoma International Engineering Co., about 8% for capital expenditures and 6 percent for capital expenditures, 6% for payment of part of the debt to PT Sinoma Engineering Indonesia.

The company entrusted the underwriters for implementing the IPO issuance to PT Ciptadana Sekuritas and PT Mandiri Sekuritas.

The sch